Most fortunes are squandered within the 1st or 2nd generations after they’re made.
What a waste.
Here are 12 principles of wealth you need to understand (so your great-great-grandchildren will hang your portrait over their mantel):
What a waste.
Here are 12 principles of wealth you need to understand (so your great-great-grandchildren will hang your portrait over their mantel):
1/ Take advantage of compounding from an early age by monitoring your spending.
You don’t have to deprive yourself of lattes, but stop buying useless shit on Amazon.
2/ You don’t need to get rich twice.
Trying to double your money? You may lose it all.
You don’t have to deprive yourself of lattes, but stop buying useless shit on Amazon.
2/ You don’t need to get rich twice.
Trying to double your money? You may lose it all.
3/ If you buy a product or service, consider buying the company’s stock.
Just got a new iPhone? Buy 10 shares of Apple $AAPL.
4/ Challenge the status quo and think differently.
This skill is like a muscle—work it out with repetition.
Just got a new iPhone? Buy 10 shares of Apple $AAPL.
4/ Challenge the status quo and think differently.
This skill is like a muscle—work it out with repetition.
5/ Don’t let “lifestyle creep” erode your savings by increasing spending as your income rises.
“If you buy things you don’t need, you will soon sell things you need.” – Warren Buffett
6/ Concentrate your portfolio to get rich, diversify to stay rich.
Sorry, index funds.
“If you buy things you don’t need, you will soon sell things you need.” – Warren Buffett
6/ Concentrate your portfolio to get rich, diversify to stay rich.
Sorry, index funds.
7/ Don’t pay for anything big in cash.
Use other people’s money (mortgage, car loan) to make you more money by investing your cash.
8/ Don’t compare yourself to others. Celebrate people’s successes instead of envying them.
"Comparison is the thief of joy."
Use other people’s money (mortgage, car loan) to make you more money by investing your cash.
8/ Don’t compare yourself to others. Celebrate people’s successes instead of envying them.
"Comparison is the thief of joy."
9/ Sometimes the best investing strategy is to do nothing. Sit and wait for a fastball instead of swinging at every pitch.
10/ Keep an investing journal to track your thoughts and revisit strategies over time. Be honest about your wins & losses.
10/ Keep an investing journal to track your thoughts and revisit strategies over time. Be honest about your wins & losses.
11/ Be frugal with your time and generous with your wisdom.
Mentor someone—you never know what you’ll learn.
12/ Write letters to your children.
Write down your thoughts, memories & lessons learned so your heirs can learn from you.
Wisdom can be a greater gift than money.
Mentor someone—you never know what you’ll learn.
12/ Write letters to your children.
Write down your thoughts, memories & lessons learned so your heirs can learn from you.
Wisdom can be a greater gift than money.
If you'd like to help others learn these principles, you can:
1. Follow me ➡️ @thekarlkaufman
2. Retweet the first tweet by clicking below:
1. Follow me ➡️ @thekarlkaufman
2. Retweet the first tweet by clicking below:
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